Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Investment Objective

The Fund seeks to provide a high total return consistent with reasonable risk by investing primarily in a diversified portfolio of stocks.

Investment Strategy

The Fund invests primarily in the common and preferred stocks of non-U.S. large cap companies. The Fund defines "non-U.S. large cap" companies as those whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Global Investable Market Index (IMI). The Fund generally holds stocks of companies of the constituent countries of the MSCI EAFE IMI, but may invest in other countries, including emerging markets stocks. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges. In the multi-manager structure, the Advisor and the Sub-advisor utilize fundamental insights arrived at through qualitative and quantitative analysis of a broad range of non-U.S. securities to identify stocks expected to provide returns superior to that of the benchmark. The Advisor attempts to control the portfolio's risk level and maximize the Fund's return potential relative to the benchmark by balancing the risks and opportunities between the portions of the portfolio managed by the Advisor and the Sub-advisor, and may shift allocations among the Advisor and Sub-advisor depending on market conditions, managers' respective style biases, and performance opportunities.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund's portfolio management practices may not achieve the desired result; and/or the Advisor's allocation of Fund assets between the portions of the portfolio managed by the Advisor and the Sub-advisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries.

Important Disclosure

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Performance

Select additional indices to display below:

Benchmark Index

Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.

Standard Deviation is a measure of a fund's risk.
A standard deviation of 1 means a fund can be expected to produce an annual
return that is +/-1% of its average annual return 66% of the time.Alpha is a measure of the difference
between a fund's actual returns and its expected performance, given its level
of risk as measured by beta.Beta is a measure of portfolio risk
relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk
level equal to that of the fund's benchmark.Excess Return is return in excess of the risk-free rate or in excess of a benchmark.R Squared is a statistical measure that
represents the percentage of a fund's movements that can be explained by
movements in its benchmark index.Tracking Error is the difference in the return
earned by a portfolio and the return earned by the benchmark against which the
portfolio is constructed.Information Ratio is a measure of the consistency
of excess return of a mutual fund as compared to its benchmark.Sharpe Ratio is used to measure
risk-adjusted performance. It is calculated by using standard deviation and
return in excess of the benchmark to determine reward per unit of risk.

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Top 10 Countries (% of total investment)

Top 10 Countries (% of total investment)

The portfolio invests in companies based in these countries.
The number next to each country name indicates the percentage of the portfolio
that investments in that country comprise.

Important Disclosure

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Fund Expense Ratios

Investment Minimums

Description

Minimum

Minimum Initial Investment
(ClassI)

$1,000,000

Minimum Initial Investment for IRA
(ClassI)

$1,000,000

Minimum Subsequent Investment
(ClassI)

$250

Important Disclosure

Calvert has agreed contractually to limit direct net annual fund operating expenses for Calvert International Equity Fund through January 31, 2016. Direct net operating expenses will not exceed 1.39% for Class Y shares and 1.10 % for Class I shares of the Fund. Only the Board of Directors of the Fund may terminate the Fund's expense limitation before the contractual period expires, upon 60 days' prior notice to shareholder. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expense and taxes. This limitation does not limit acquired fund fees and expenses that may be incurred by a shareholder.

Fund literature and resources

Morningstar Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the
vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

CWVIX is categorized as: Large Blend

Morningstar Category™

Foreign Large Growth

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Fund falls
on a risk/return spectrum, relative to other Calvert Funds.
Funds with more conservative objectives and strategies would fall on the left
side of the spectrum, while funds with more aggressive objectives and strategies
would appear on the right.

Compared against all Calvert Funds

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.